UPDATE 1-Pall Corp reports lower 3rd-qtr net

* Reports profit of 37 cents a share

* Says sales fell 16 percent to $555.9 million

* Shares down slightly in extended trade

CHICAGO, June 8 (Reuters) - Diversified U.S. manufacturer Pall Corp (PLL.N) said on Monday that its profits dropped 30 percent in the most recent quarter as the prolonged global recession took a toll on demand for its filtration products.

The company reported a fiscal third-quarter profit of $44.2 million, or 37 cents a share, down from $63.3 million, or 51 cents a share last year.

Sales fell 16 percent to $555.9 million.

(Reporting by James Kelleher; Editing Bernard Orr)

(james.kelleher@thomsonreuters.com ; +1 312 408 8130; Reuters Messaging: james.kelleher.reuters.com@reuters.net ))